Economists Know That Consumers and Producers Are Both Made Better

question 104

Multiple Choice

Economists know that consumers and producers are both made better off than they would be without free exchange because the exchanges are

• A)mandated by government.
• B)voluntary.
• C)able to make consumers better off by an amount that compensates producers for their losses.
• D)able to make producers better off by an amount that compensates consumers for their losses.

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Definitions:

Labor Costs

The total expenses associated with employing staff, including wages, benefits, and taxes.

Transportation Costs

Expenses associated with moving goods from one location to another within the supply chain.

Chinese Yuan

The official currency of the People’s Republic of China, which is issued by the People's Bank of China.

Labor Dispute

A disagreement between employees and employers over workplace conditions, wages, hours, or other labor-related issues, often leading to negotiations or strikes.